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of times. this is the first time i've done one in new york city, and it's in a lot of ways a different animal. you learn how fragile a big city can be, a big strong city like this. it's just different, and that surge, as i said, was really something to behold. >> yeah. >> scott cohn, thank you very much. see you later. >>> coming up next, hurricane sandy hitting long island's massapequa hard tonight turning streets into rivers. more on how the storm is ravaging the northeast and how refineries are being affected as well. we'll be back in two minutes. >>> welcome back. sandy has closed several of the region's major refineries. here's a look at the process to reopen these fuel centers. cnbc's sharon epperson has more. >> reporter: getting a refinery back online after a full shutdown due to a hurricane or major storm can be a lengthy multi-phase operation. the first step, returning evacuated personnel to the refinery, could take a few days depending on conditions and surrounding areas. once on location, the crew evaluates the storm damage, like flooding or downed power lines. if the power
was waiting for its first glimpse of d day white. then giving the kind of cover that it needed to make the move. then giving the kind of cover that it needed to make the move. obviously citi and government have worked out some prices. sue, down to you. >> let's talk more about what's going on at citi and where the bank goes from here lacking forward with me now. first of all, your reaction. i think i heard some of maria's reporting. do you buy the fact that it has been planned for some time? >> there was obviously unhappiness here, but the fact that this suddenly comes out the day after earnings doesn't reflect well on planning at citibank, doesn't reflect well on pandit or the board. >> what's next for city? is it going to become a slimmed down version getting back to core businesses or the not? >> presumably there was tension between pandit and the board. now, one would presume that this whether move things more toward the commercial banking, the traditional sort of business that citigroup was involved in. >> but that will make it harder for them to make money because the business ha
at first blush. kayla takes us inside the citi shake-up. >> when mike o neil was staped at city's chairman, they got the feeling a shake-up would be coming and the report by the new york times reports a picture of pandit's last date marked by shock after what he believed to be strong earnings. one said he resigned immediately and another resigning at year-end and third being fired without cause. he chose to leave immediately. coo john havens agreed to leave within minutes. the following day, pan dit said the move was his choice and based on that quarter's earnings that he would be leaving citi in good hands. a former bank of america executive and bank of hawaii, o neil joined the board and became chairman when dick parsons resigned earlier. they were long preparing for pandit's recession and took an unusual turn in the ongoing succession plans holding talks with two candidates for the vacanted coo role which has yet to be filled. >> it's amazing, thanks, if that departure scenario is true, that mikes michael o neill is making all decisions and forcing his agenda. >> let's talk about that a
at seaside heights. simon hobbs is in for sue herera today. >>> but first, to the aftermath of the storm and president obama's visit to the new jersey coastline. kayla tausche is live in atlantic city. kayla? >> reporter: hi, tyler. we just saw air force one fly right over us and headed likely toward the atlantic city airport. we have tons of residents in atlantic city who turned out very excited, very rambunctious to seat president. it is the first day of sun after days of wind and rain and of course the wreckage of sandy here is evident as a place that used to be home to more of a residential part of the boardwalk. residents would fish off of it and stroll here. not so much the business part of the boardwalk but the wreckage you're seeing here, nonetheless. here in atlantic city the cleanup is just in its early, early stages. some residents who chose to stay behind getting power. i spoke to one resident today who finally got power, got a pump to his basement and started trying to pump out water that had flooded his basement. he was moved to tears when he started talking about watching
is going on here, but let me get anton in first. you're a shareholder of citi? >> i am, indeed. >> what's your next move? how do you see it? >> i'm going continue to hold. i think michael o'neil has a long history of creating valued companies he's been with. i think the transition here is important. michael corbat is very well respected by the regulators. the process is so critical because citi really generates a ton of capital. i think the ability to return some capital through buy backs, through increased dividends is critical. i think the upside to citi has been kind of, you know, sped up here. i think vikram was doing a lot of the right things, but the regulators did not like him. >> you've been waiting for a dividend too. they couldn't pay a dividend after failing the stress test. as a shareholder, are you frustrated? does it make sense it was time for him to go? >> well, i don't think it was time for him to go, but unfortunately the relationship historically was very bad with the regulators, particularly sheila bear, who really embarrassed him by what she wrote in the book about h
important event in the city. perhaps a first date. the traffic is bad. you need to leave early to avoid being late. maybe you just landed in a new country and you're at the airport atm trying to figure out how much cash to withdrawal. google now, which we launched on android in june, gives you all that information and more automatically with zero effort required on your part. these kind of tips and recommendations are super powerful. they really save users time and hassle. this is why i'm incredibly excited about the opportunities ahead. given our expertise in search and mobile and our track record in monetizing and such products. every day, i wake up and i'm delighted our opportunities keep growing. and we create products that are defining the future. it's a truly exciting time to be at google. now we'll hear from patrick with some details about our quarter. >> thanks, larry. good afternoon, everyone. thank you for joining us. overall, we're very pleased with the growth trajectory of our business this quarter. this, in fact, despite significant currency fluctuations in many of our inte
. remember during the ldc debt crisis in the '80s with citi. citi was one of the first banks in china. the question is, can you turn that into a real stable and profitable franchise? every other quarter we've had noise in their earnings and balance sheet and i think as an analyst i've always wanted to see them make this business run a little bit quieter, if you will. even the write-off of smith barney, that's an ugly thing because it says they didn't make money on that business and in order to sell it, they had to take a loss. >> you know, jim cramer is on the phone, too. jim, i saw what you tweeted about pandit leaving after a terrific quarter which is worrisome. how should we read this? >> i'm listening to mr. whalen and all well and good, you know, pandit finally got it right. this was an absolutely terrific quarter, there was so much that was good here, international was absolutely terrific, you had very good net interest margin. you know, i got to be really blunt about this. i don't know what the heck is going on here. havens i've known since when i did a ton of business with mor
-year stint. first of all, back in march, keep in mind the federal reserve rejected citi's request to raise its dividend. then in april, shareholders rejected pandit's $15 million pay package, even after two years of a voluntary pay cut. that same dai citi n director michael o'neill chairman. o'neill is a much more hands-on chairman, a trait tra fueled the tension between him and pandit. in july, another misstep. citi overvalued the joint venture it has with morgan stanley. last friday, a person who saw pandit in tokyo said he didn't speak like a man about to lose his job. all of this combing to the fore on monday. that's when citi reported very strong third-quarter earnings. pandit gives no hint on an analyst call he's about to resign. sources say the bank's recent m missteps and differences between pandit and o'neill led to his resignation late monday. one top citi official telling cnbc there had been conversations about pandit and the board about his leaving for multiple weeks. the board having already identified a successor. so after pandit resigns, some of the members of the operating
may be heading into these emergencies first, plenty of cities in so cal are in the congo line. she is buying things that you can understand and which pitch and obligations are not the main 800 pound gorilla. and not all news is bad. s&p just raised l.a. county's credit credit to go aa from aa minus. that is if you believe such things. back to you. >> i like that congo line imagery. that's a good one. >>> when we come back, is your cell phone bill eating up your budget? a new company promises to save you hundreds of dollars a year by making data free. that's right. we'll get all the details on freedom pop from the company ceo next. for 30 some years at manyendent different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. insulifreestyle lite can. help you test easy. they need a third the blood of onetouch ultra. zipwik tabs target the blood and pull it in. call no
, and we keep that first and foremost in our minds. >> danny, we always think of you as a new york city guy but you have operations in philly and boston. has the damage there been much different than right along the new jersey/new york coastline? >> well, so far we have none in boston, just to be clear, but we do have two in miami and this was a rare hurricane storm that seemed to avoid miami. so those guys are good. washington, d.c., we're going to check in with them. as i said, i've been hampered myself just because we have no internet and i was able to find a land line to call in to you guys, but we realize we're in a day and age where cell phones -- we have no cell certificaservicn for some reason either. so we're trying to learn. we think that washington is okay. we think that philadelphia is okay. and then up in connecticut we're trying to find out if our west port and new haven shake shacks have electricity. sometimes that coastline gets hit hardest in terms of electricity. as soon as i hang up the phone with you, now that i found a land line, i will try to assess what's going on. we
at monetizing its ip and rolling through disney ecosystem. >> new york city mayor mike bloomberg making his way across the street near the exchange as he comes into the exchange to ring the opening bell on this first day of trading since last friday. there you see new york city mayor bloomberg coming in. >> interesting tweets coming back and forth about antitrust. mental antitrust in disney. who do we have left that we went to the movies and saw? disney has them all except for -- >> warner brothers. >> warner brothers has cartoons and spongebob -- sandy is one of my favorite characters. >> we love a lot of spongebob in my house. a little young. >> we haven't gotten there yet. interesting on disney, pixar sucked it out of lucas films and sold it to disney which is now reunited with lucas films. a nice circularity. incredible. >> one of the themes that david said over and over again, listen, bankers, listen, companies, this is your chance to buy. stocks go up when you make a buy. no one is listening. >> that's what we see this morning. >> these are must haves for disney. he made it clear and he m
survey a first on cnbc interview. later citi earnings released at the top of the hour. we'll talk about the big banks and future of the financials with our guest jim reynolds of loop capital markets. the sweet spot that powers sound decisions. duff & phelps financial advisory and investment banking services. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. betw
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in new york city but all across the eastern seaboard and we're working with the city and the state and the federal government first of all, kudos to the first responders. they did an incredible job and also to all the employees that were working in these buildings 24/7 for the last few days in particular people working in my building, we almost lost two people with the floods coming in so we're very, very lucky. the effort's ongoing. we're working with con-ed and the city and one of the other priorities is to help relocate some of the companies that have not had the ability to go back in their buildings a little bit. we're assessing our buildings. we sustained storm damage in some of them, not structural but electrical, other buildings are perfectly fine and we're just waiting for con ed to turn on the power as soon as the city lifts the no fly zone, so to speak downtown we'll be able to get them back in but it's going to take some buildings a lot. lot of buildings downtown took significant damage. >> that's an important point that you're helping some companies relocate even if it'
please join the conversation. worldwide@cnbc.com, at@cnbcwex. it was my first day on a new job in the city. and not a lot happened i can tell you apart from people just looked at each other in amazement. they didn't answer the phones either. yeah, an interesting day all around. and what a great buying opportunity. we learned it was probably the buying opportunity of the century. >> ross, that's for sure. stick around, because still to come on the show, as eu banking policy inches closer to getting the green light, we'll hear from the finland bank governor. >>> google continues to move lower in european trade after losing $22 billion in market cap on wall street. >> and microsoft's profits drop falling short of forecasts as the company gets set to launch its new windows 8 software. >> europe's troubled banks could receive funds as soon as the beginning of next year. germany still appears to be eyeing a longer time frame, however. eu leaders have been hammering out the details of a banking union at a summit in brussels. and speaking this morning, ecb policy maker know vat any say
the coastline around 7:00 tonight. the effects will not be over at that time. let me show you why. first of all, if you look closely to the southeast of atlantic city, right about there, that is where the center is. that's where you see kind of a hole in the precipitation. almost like a circular hole right there. and that is moving to the north and west very, very clearly on track. however, it's doing so a little faster than was expected. just a little. that has two effects. one is meaning even more wind because there's a counterclockwise circulation of winds and the forward motion will add to the wind on the north side, in other words, the right-hand side of motion. bottom line, additional storm surge right in through long island and down the new jersey shoreline to around atlantic city. that is a big problem. let's take a look at that storm surge situation. again, we're looking at 3 to 6 feet in general in eastern new england. look what happens. because the water's coming from east to west, it kind of backs in through the long island sound, as an example, to 6 to 11 feet. we're looking at 4 t
citi have told shareholders that's how the land lay? >> well, first, it is perfectly fair if mr. o'neill decides he wants somebody else to convince the board to do it. what i have a problem with here is mr. pandit came out and said this was my own decision. simon and i were talking about this the day it came out. it was nonsensical. now we find out. i agree with harvey pitt. he said given a choice between lying or simply not saying anything, i think mr. pandit should simply say nothing about this. >> i don't know if there's a way to make this a great story from their perspective. but, hey, i don't think that's the way anybody would want to go. it doesn't look good, as bob just said from pandit's perspective. but i think there are a lot of questions about whether they could have communicated better about what was really behind this. like the truth. >> guys, let's finish up with apple. it was supposed to be the big one in corporate earnings this week, reporting of course ultimately weaker than expected ipad sales. the white ipad minis are already selling out. why has the stock been s
to the blue cities? guess where it's happening? the battleground state of ohio. >>> but first up, vice president joe biden and paul ryan are cramming for their debate. you can watch coverage of the debate beginning tomorrow here on "the kudlow report." now, past debates have been must-see tv. this one is likely to be no different. cnbc's own john harwood joins us live from lexington, kentucky, with all the details. good evening, john. >> reporter: good evening, larry. you know, if presidential debates themselves usually don't matter much, and they don't, vice presidential debates almost never do, even though they're fun. but the stakes are higher for this debate tomorrow between paul ryan and vice president joe biden. ryan, of course, is a policy wonk. biden has the experience. but it's not going to be as friendly as this encounter four years ago between biden and sarah palin. >> no cheers, applaud, no untoward outbursts except right at this minute now as we welcome governor palin and senator biden. >> reporter: the reason this is going to be a different encounter is because of all the
, lot of people focused on citi, you know what was the best story of the day? did anyone mention johnson & johnson? fantastic first quarter, i liked it. just remember, i'm jim cramer, see you tomorrow. ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. syou know, i've helped a lot off people save a lot of money. but today...( sfx: loud noise of large metal object hitting the ground) things have been a little strange. (sfx: sound of piano smashing) roadrunner: meep meep. meep meep? (sfx: loud thud sound) what a strange place. geico®. fifteen minutes could save you fifteen percent or more on car insurance.
be the first two day weather related closure since 1988. new york city is very, very quiet even for 6:00 in the morning. they shut down the transit system last night. people have been heeding that. and a lot of evacuations again in the low lying areas, this so-called zone a where we are. but the worry is that the storm surge if it is as forecast, which will be worse than hurricane irene last year, could create some serious problems in terms of getting in to the subway system, in terms of getting into the con ed steam lines and potentially the electrical system. and so even if the wind doesn't blow out power, there could be pry empty differen preemptive power outages. so that's one of the many reasons that they decided to hunger down with all the financial markets. stay home, there's money to be made later and we'll just deal with it. for now just a little bit of a breeze blowing here. that is clearly supposed to chan change. >> where do you go later? >> you have to find a pole, right? you know that that's -- every guy out in a strong breeze, you've seen -- you've got to find a pole ar
a boost from the storm? first, let's take a look back at the super storm that hit over the last 48 hours. >> new york city is under water. >> don't mess with mother nature. >> i want you to cut through the red tape. i want you to cut through bureaucracy. there's no excuse for inaction at this point. >> i've never seen anything like this in my life. >> describe it as looking like the pictures we've seen at the end of world war ii. it is not overstating it. >>> retailers are looking at the impacts the storm will have on their business, especially as they gear up for the lucrative holiday season. for more, we're joined by the executive vice president of the retail council of new york state. ted, thanks very much for calling in. can you give us a sense of what kind of damage retailers in your area are seeing? >> well, you know, the way that everything is in manhattan right now, it's pretty much shut down, and without power, without electricity, without the subways, without the bridges, it's very difficult for people to get around and to get to the stores. and you've got such a heavy tourism
's going down today and i'm going to be on the first thing smoking out of new york city. >> reporter: now, port authority says the airport is still officially closed and we spoke to delta this morning, they say they are not flying any airplanes in or out of the airport today. they're working on whether or not they can service laguardia tomorrow. they're going to figure it out and as soon as they know, we'll bring it to you. but once the airport does open, remember, there are 7,000 employees that work here at laguardia, getting them to and from the airport without public transportation in new york city is also going to be a challenge. back to you. >> courtney, i think that passenger may have been a little overly optimistic. you know, another thing we've been talking about is the marathon. it's still set to go. are you still running? >> reporter: it is. it's still set to go, i was on a media call the other day, they said as far as they can tell, it's set to be run on sunday. the route also appears to be intact. there are some events associated with a marathon beforehand that are going to ha
breaking news. and this just came into us. it's the first aerial pictures that we have. this is in from we believe the atlantic city, new jersey, region. it was video taken from a helicopter and if you look at that flooding, it shows you just how widespread the flooding is in that part of the garden state which, of course, was one of the hardest hit states and especially, ty, as you were mentioning yesterday and we were talking about, that south central part and the storm surge was unbelievable. in some cases, up to 14 feet. as you can see there are some buildings that are partially submerged at this point. and that looks like parked next a harbor, we are just seeing this now, as you guys are certainly at home. look at the boats piled up. >> that maybe the marina right around where the borgata is on the marina, a couple of the other casinos are there and look at that. is that a dock or is that -- they have about pushed up onto dry land there? >> i think they have been pushed up, they are piled on top. a road, we are hearing. that will give you an idea of not amount extent of the damage but
customers. one of our early earnings -- in mapten, for example, when we opened our first north face store in manhattan, we had -- there was anxiety with our retail customers about that. the brand got stronger in the city and we opened another door the brand still got stronger. there's a tipping point. we have to try to avoid that tipping point. most of our business is as a wholesaler. but we present our brands to consumers in a way no retail partner can. if you go into a north face store or van store, you see all the brands together. we think it makes the brand stronger. it's good for us and them. >> one of the things that people get -- don't understand is that the ag complex doesn't all trade up at the same time. some of the food grains did. but cotton has really gotten cheap. you had very high cotton last year. >> yes, we did. >> is this going through gross margins that cotton's come down so much? >> we had real gross margin challenges last year, particularly in our north american denim business. we lost 400 basis points in gross margins last year. >> gigantic. >> it is gigantic. but we
declined to $171 billion, the first time that the so-called bad bank has comprised less than 10% of citi's balance sheet. the cfo said it's not small enough yet to dissolve back in the bank in the near term. we had a depar tour for citigroup from what jpmorgan's jamie diamond and wells fargo said was a turning point. for citigroup housing shows a different story. mortgage originations though they're up 12% from last quarter, they went down 15% from a year ago. during that same time mortgage related revenues went up some 35% in the u.s. retail banking unit. big questions there on the media call as to why that was happening, but for citi, which ranks fifth for u.s. mortgage origination, the activity remains strong but the upswing in revenues is largely because of heavy refinancing activity. spreads are widening because they're maintaining higher mortgage rates. citi is not looking to gain more share in mortgage refinancing and he actually expects some compression on mortgages in the u.s., but that's a different approach from jpmorgan and wells who were more vocal about actually lowering th
previously served as citigroup of europe. the changes come one day after citi's earnings beat expectation in a conference call which, of course, jim said absolutely nothing about this. >> no. this was the first quarter that was the break out quarter for international. first time that i felt that the company had put a lot of its problems behind it. best knit interest margin. we only had a couple of banks report. people are trying to present this this was logical, this was in the works. this was the least logical, least in the works. corbat terrific. he ran holdings. 48 hours did we know this? i don't know. i got to tell you that the people that i talked to at citi, to say not in the works is being underplayed. >> there's shock at least among a handful of people who i talk to regularly at senior who are senior but no way aware of this. they are shocked. they heard it about an hour prior to the announcement being put out there. and, you know, it seems as though we don't know at this point, although we listen eed t andrew ross sorkin's report right now. there was some contention between board
% from the same time four years ago. compare that to new york city's homicide rate. what's chicago's problem? and what's its supposed solution? they're talking about taxing guns? here's a republican strategist lenny mcallister. first of all the tax on bullets and handguns will do nothing to stop the murders among the gang bangers? am i just dreaming this up? >> this is one of the most ridiculous things i have ever heard of. it's another example of an ivory tower highbrow solution. this is a lot of time what you see from people that are often removed, oftentimes the very far left, progressive. the high tower legislator that -- it's not surprising, too. >> first of all, to the ammo and the guns are being bought illegally on the streets anyway. >> exactly. >> law abiding shopkeepers selling this stuff had nothing to do with it. let get that straight. >> i want to ask you, because you used to live in chicago. it's people who use gun that are killing each other. is this about drugs? are these about racial gangs? why is this happening because it's not happening in many other cities inclu
in just two minutes. >>> get an update on the situation in new york city, and this is a first time we've spoke on it scott, isn't it? i wasn't worried about you, i knew you'd be okay but good to see you, scott cohn joining us with the latest. >> reporter: yes, it was touch and go there for a little while, joe. 12 hours ago from this location, battery park in manhattan, we were, i'm not xnlg raexaggerati running for our lives from the storm surge. if the top steps it would be nine feet. it got to around 13 feet and the water came up very, very fast and when the storm surge came up that meant the flooding would begin, subways flooded, there's a lot of other underground flooding, the brooklyn battery tunnel not far from here was end to end with water. as the city tries to battle back now, that's what they'll be dealing with getting the water out of here, the tide has gone down, another high tide a little over an hour from now not as harrowing as yesterday. look at some of the images from last night, national guard troops going down broadway, trying to get underground fires under control,
an amazing day here. we are in grand central in the heart of new york city and martha stewart has always thought big but grand central is pretty darn big. this is the first -- it is the inaugural american made martha stewart american-made awards. we literally just finished the judging. we all came running out here. martha joins me and bob pittman joins me, good friend of power leverage, crow of clearchannel. glapgss, martha. you saw some amazing entrepreneurs in today's session. >> yes, we did. it is an elevator pitch of five young rising stars with good ideas and they had two -- or three minutes to pitch their idea to us and i think we chose a good one. and this is all about entrepreneurial initiative. this entire event. and it's also about discovering in america the talent that will carry business forward in the united states. there's 28 million small businesses -- small business entrepreneurs here in the united states at the present time. employing people. and i think it's creating jobs, they want to grow their businesses, they want encouragement, and i think it's really, really up to
to close tomorrow, it would be the first two day closure since 1888. they did not like to close these markets for any great length of time. that's a two day wealther relatd closure. bank branchs are closing in manhattan. the city has essentially ground to a halt because they're concerned now about high winds that will start really picking up as the storm gets closer and closer to the new york city area. as you said, the transit system has been shut down. they're trying to tell people to stay home to the extent that they can. and indeed manhattan, although it's very early in the morning here, is quiet and expected to stay that way. the question now is you power outages that are likely to take place and how long it will take for this area to get back to business. but right now, again, equity trading in the u.s. is closed. equity futures also willic trad. and energy trading as well. energy trading will trade electronically, the nymex with the floor will close. so we're seeing even before the storm hits a significant financial impact here. >> that's for sure. scott cohn, stay safe a
north of atlantic city. this is going to bear very close watching all afternoon into early this evening. again, the storm surge is the first problem. there's going to be massive power outages and in addition, of course, then there will be some flooding rainfall. we'll talk about all those factors as the day wears on. we'll keep you posted on that. we'll have more in just a few minutes from now. >> thank you so very much, todd. we appreciate it. >>> breaking news now. bob pisani has it. it concerns the exchanges. bob? >> of course, it's decision time about whether or not we're going to be open tomorrow. there is a conference call going on right now between all of the major exchanges, representatives of the brokerage industry, as well as the s.e.c. to make the final decision. all indications are, sue, that there will be no opening tomorrow of any of the exchanges as there has been today. the key that everyone is focusing on is wednesday. it is the end of the month. a lot of individuals, a lot of firms, need to report numbers for the end of the month. the focus is on opening wednesday. eve
mortgage rates, i just sat down with the ceo of citi mortgage. diana? >> record low mortgage rates and record profits at the nation's big mortgage banks but can consumers say lending is too tight and they are not getting their piece of qe3? first to the news, a civil lawsuit filed by new york's attorney general against jpmorgan chase charging fraud and mortgage-backed securities. in an exclusive interview this morning, i sad sanjay das what this means for citi. >> the whole ongoing litigation is speculative. i can't really tell whether there will be lawsuits or not. i will say that we've put a lot of issues behind us from the settlements that have been done so far. we have done a large settlement as part of the large bank settlement with the international monetary settlement. and we are on the path towards fixing a lot of the issues from there. so we are much more focused on fixing the issues in our substantially long way down the path of fixing it. but unfortunately i can't speculate on what may come down the tube. >> he does not believe it will hit citi's bottom line. the banks c
on the dow and nasdaq. >>> a day after citi's management shake-up. joining us now is jeffrey harte. and jeff, we've got to get to a couple of things. let's talk bank of america first, but then we've got to talk about the drama in the board room over at citi. you look at these numbers. it's flat across the board. is that a good thing, a bad thing? >> i mean, the results themselves are actually a good thing. in an unusual kind of event, first call left all the items in this quarter. so the 7-cent loss consensus number was kind of consistent with the gaap number. if you back out a couple of pennies of securities gains, i'm getting a couple cent loss, so the loss was better than we were expecting it to be. you back out the items, they were profitable. but i think the results were pretty good. what will cause people to pause a bit again is the mortgage reps and warranties. the requests they have, increased by what looks like 12% sequentially. not as big as the 40% sequential increase we saw last quarter, but that's, i think, going to kind of be back in people's faces again. and secondarily, on th
the first round. >> wait a minute. >> yeah. >> they laid off the mayor? >> yeah. >> are you working now? >> no. >> his town is shrinking. they closed an elementary school, and they're slashing the city budget. have you already lost policemen? >> yes. >> firemen? >> yes. >> what about the hospital in town? >> it's being reduced in size as well. >> coming up, the people versus politicians. >> how many of you would say that you're angry about politics right now? [people murmuring] oh, that got a big yes. >> i'm sick and tired of people going to congress and washington, d.c., and making a living out of it, while we starve to death. >> that's ahead when 60 minutes on cnbc returns. those surprising little things she does still make you take notice. there are a million reasons why. but your erectile dysfunction that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or u
. it starts with you. >> another day of drama in athens as andrea merkel made her appearance, the first since the debt crisis began. thousands of police around the city. simon hobbs, that did not stop the protesters at all. >> absolutely. i will show you three symbolic acts as the most dominant figure in the european crisis went to the economy that the critics argue she is destroying through austerity. this is probably what will be on the front paging tomorrow morning. on the square next to parliament four people dressed in military uniforms riding and waving black and white and red swastika flags and stuck their hands out in a nazi salute. a lot of banners reading merkel out, this is not a european union, this is slavery. this is an image with huge potency around europe. the second is angela merkel at the news conference stood next to the greek prime minister. symbolic for two reasons. on the one hand she is saying i am a good european and i won't force you out of the eurozone. we have given you lots of money and on the second, particularly important, at home she is saying there will be no m
at citigroup. yesterday he set up interim reporting lines for his executive ranks and one of the first major hedge funds to try to 3r0profit from a rebound by before i get to that, i never know when we're -- let me just mention corbat. great quote. citi's new ceo mike corbat appears promising despite his harvard education. >> that was the op-ed? >> yeah. the first -- >> in their actual editorial. >> between the idea that president obama is the fossil fuel president, the one who has greased the wheels for the fossil fuel industry, wink wink. >> and the phil gramm piece and the letter to the editor from schumer. >> it has everything. yeah, i liked the phil gramm piece, that in previous election, we've never had people that have gotten to depend on the government so much. food stamp number up 65% in this presidency. no other president -- 25% increases. >> do you think this was the worst town tudownturn we've see? >> we've had they will before, but -- >> they weren't around for the great depression. >> but where was i. okay. so one of the first major hedge funds that try to profit from a rebound
with. did he have less legitimacy with government officials? >> not at all. first of all i didn't deal much with pandit, i met him a couple of times. citi group was very fortunate in dealing with treasury and our office most of it was done by one of the vice presidents at citi and lou caden had a keen political ear and instinct how to deal with treasury. we had no difficulty with citigroup at all. >> an interesting time in banking in this country. appreciate your fwidance. see you soon. >> any time. >>> markets continue to decline. dow is down 133. the big weakness on the dow continues to be names that reportedly are mcdonald's, microsoft and ge and now aig joining the ranks of companies that are down almost 4% in their case. when we come back it's been 25 years since the stock market crash known as black monday. we'll talk to the man who helped make sure all those trades at the cme actually got leader that day, the former chairman of the cme, jack sander. you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron
. >> they got the first day of trading in without a hitch, and that in itself is an accomplishment. but in many ways, things are about to get more complicated. they're still pumping water out of this city and there's still almost no power in the lower part of manhattan. and then there's the issue of getting around. no subway service, of course. if you want to drive in from the suburbs or the outer bureaus, you're going to have to car pool because there are restrictions. and then there's the whole issue of gas. it is not easy to come by. my colleague has that part of the story. brian? >> reporter: it's after 7:00 p.m. here in new hyde park, long island, and we are talking 30, 35 minutes, hour-long wait just to get gas. we shot video just before dark to give you an impression of what's going on. the first question you might ask is why do they need gas. 80% of long island is without power. they need gas to refuel their generators. they need gas to drive around and look for food. they need gas to charge their phones. it's not just out here in long island. take a look at this picture from new jersey
in its two biggest segments. all of this garnering two downgrades today, citi downgrading from buy to neutral, bb and t downgrading from buy to hold kreting economic concerns as far as coal exportation is concerned as well as earnings management going forward into the first half of 2013. >>> a monster day for earnings today. boeing and at&t among the heavyweights out. zynga comes out after the bell. apple and amazon getting ready to report tomorrow. jeff kilberg, founder and ceo of kilberg capital management. earnings per share of $1.35. estimate was just for $1.13. the company also raising guidance for the remainder of the year. do we like it? >> we do. for the first time during the dismal down beat earnings season we've seen them forecast a strength, an outlook to 2013. they're increasing their military planes as welling a commercial planes. this is positive and i think it changed market sentiment today. >> in an economically sensitive sector. we've seen some of the other industrials like utx not able to do as well, but here boeing doing very nicely. at&t earnings inching up a fr
to find out what one analyst says about the potential election impact on the health care sector. but first goldman and morgan head to head again. the question is given goldman's better share performance, will that differential continue. >> citigroup got a good reception. >> u.s. banks in general, it's been jpmorgan, city. even wells fargo a little more mixed on the headline. what will be tricky with morgan stanley is their headline figures won't necessarily reflect what's going on in the business because there's this of the credit spreads have narrowed and what not. >> so you reckon goldman will beat morgan? >> it end its to pay off to bet on goldman. >> we also have seen estimates rise for goldman relative to morgan in the last just several trading days worth. so bottom line, expectations, the whisper number, is probably a little bit higher for goldman than morgan. >>> protesters have taken to the streets in portugal. more coming up. >>> european stocks advancers outpacing decliners by a little bit more than 7:3. how is that leading to futures? >> u.s. futures giving up some of the earlie
about the fresh money coming in for the romney campaign. all that plus states and cities turning to gambling to make up budget shortfalls. we'll bring you a new casino opening up in the battleground state of ohio. first let's get you up to speed on the other top stories. andrew, welcome back. >> good morning. it was decision 2012 in venezuela this weekend. hugo chavez has been reelected. he beat out by a 54-45 margin. in 2006, he won by 27 points. swreker to gives chavez a fresh endorsement of his socialist asian world bank saying brace for slower growth. lowest pace of growth since 2001. and that's predominantly due to the region's exposure to china. and finally, a u.s. congressional committee set to recommend blocking china's big telecom equipment maker from expanding in american markets. leaked report says that there are security risks. >> codo we trust the chinese? >> if you were looking there, i would find another vendor if you care about your indiatakellectu property and the national security of the united states of america. >> that report was something. the full report set
contamination. >> are you that crazy for money? >> i guarantee you, we will organize under the first amendment everybody in here and bring the wrath of god into this chamber and power back to the people. >> reporter: other cities have already sold their mineral rights. in scio, ohio, the money from drilling will pay for new sidewalks, water treatment, and perhaps give the town a shot in the arm. >> a few years ago, every storefront just about was empty. now there's new business coming in. >> reporter: as cities struggle with tight budgets, a windfall of millions of dollars trapped under public lands is a tempting capital to their cash crunch. >> this is something that could help the area not only now but 10, 20, 50 years from now, just like when the steel mills came here. >> reporter: back live in youngstown, ohio, and they are almost done take ying down this entire house, carl. to remove a house like this costs anywhere between $7,000 and $800. a quick update, late last night the youngstown city council did agree it would sell its mineral rights, or at least explore selling its mineral rights
with the auto rescues. >> i had a feeling i was going to ask a question. i didn't know if it would be the first or i would open up the debate. i just felt a lot of pressure not to embarrass the family. >> i hope what it means is that city is going back in a more solid conservative banking direction. >> good wednesday morning. we're live here at post nine at the new york stock exchange. let's get a check of the markets. dow was down 30, 40 points earlier this morning, now down 5. s&p has gone positive, nasdaq as well. a lot of this due to ibm, of course, which given the weighted index of the dow, is responsible for a large weight of the dow's performance. after news that white wave, a unit of dean food, says it expects its ipo to price between $14 and $16 a share. dean foods also saying third quarter sales for the unit rose 13% from a year ago. education stock some of the biggest losers after apollo reports a 60% decline in profit after weak enrollment numbers. it's dragging down others, including itt, strayer, and devry. romney and the president went head to head in their second debate last nig
experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with a citi card. [ crowd cheering, mouse clicks ] >>> on a down day, the hard drive makers are the biggest losers. western digital reporting a first quarter bead. weak pricing and delays because of windows 8. you can see today it gets a sell rating over at capital iq on the back of those earnings. and seagate technologies reports next week, and it's suffering clit ral damage there. >> thanks a lot, bertha. today's selloff started overseas, and now there's only a few moments left in europe's trading day. going to be interesting to see how it affects us here in the u.s. >>> simon hobbs, art cashin made the point earlier on, if you need to sell, sometimes you go where the market is still open. >> interesting. maybe that's what happened. europe through the selloff until this point has been open, and what we've seen here in the united states has ensured there has been greater selling on the other side of the atlantic. just have a look at the chart. the beginning of the session was all about the struggle that those
" the first option should be finding a safe place to stay with relative or friends. however, we have also opened 76 emergency shelters in city public schools for those who did not have that option. they are still -- >> that is yor mayor mike bloomberg. the headline essentially that he is closing new york city schools for the second day saying there is, quote, no chance that mass transit will be ready to get people to and from work or school around the city. saying the fdr highway is fundamentally closed in his words. looks like the storm surge according to the mayor will hit at least in the new york city area around -- starting around 8:00 or 8:15 p.m. tonight. he's looking for storm surge between 6:00 and 11:00 p.m. jim, obviously we're not a local channel. our news goes around all of the country and around the world. but this is turning into a storm that new york city for most intents and purposes is going to own. we are in the worst spot. >> this reminds me of the 1992 hurricane andrew. i'm not going to minimize what could happen. health, loss of life. but that was worse in some ways t
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